31A-6b-302. Required disclosures.
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31A-6b-302. Required disclosures.
(1)A guaranteed asset protection waiver shall disclose the information described in Subsection
(2):
(a)in writing; and
(b)in understandable language that is easy to read.
(2)A guaranteed asset protection waiver shall disclose:
(a)the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed;
(b)if there is an administrator for the guaranteed asset protection waiver:
(i)the name of the administrator;
(ii)the address of the administrator; and
(iii)a toll-free number to contact the administrator;
(c)the charge for the guaranteed asset protection waiver;
(d)the terms of the guaranteed asset protection waiver, including:
(i)the requirements for receiving the protection of the guaranteed asset protection waiver;
(ii)the conditions imposed by the guaranteed asset protection waiver; and
(iii)the exclusions from the protection of the guaranteed asset protection waiver;
(e)the procedure the borrower must follow, if any, to obtain a benefit under the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for a benefit under the guaranteed asset protection waiver;
(f)that the borrower may cancel the guaranteed asset protection waiver;
(g)the rights the borrower has to a refund under Section 31A-6b-303 ;
(h)if the guaranteed asset protection waiver is cancelled or terminated after the preliminary period:
(i)the procedures for requesting a refund under Section 31A-6b-303 , including that the borrower request a refund in writing in accordance with Section 31A-6b-303 ; and
(ii)the methodology for calculating the refund due, if any;
(i)that none of the following may be conditioned on the purchase of a guaranteed asset protection waiver:
(i)the extension of credit;
(ii)a term of credit; or
(iii)a term of the related vehicle sale or lease; and
(i)that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and
(ii)that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.
Enacted by Chapter 274 , 2010 General Session